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RU / Accounting / ACC 03210 / What are examples of unearned revenues?

What are examples of unearned revenues?

What are examples of unearned revenues?

Description

School: Rowan University
Department: Accounting
Course: Principals of Accounting I
Professor: Diane hughes
Term: Fall 2016
Tags:
Cost: 25
Name: accounting 1 notes, week 3
Description: these notes are on our next exam
Uploaded: 02/25/2017
1 Pages 215 Views 0 Unlocks
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Unearned Revenues ex: rent, airline tickets, customer deposits, etc.We also discuss several other topics like What does cladistics mean?

adjusting                - debt to liability account (decrease)

entry                        - credit to revenue account (increase)

                           unearned service revenue                        xx

                                service revenue                                        xxWe also discuss several other topics like What are the two types of implicit?

                           services performed

2. Recording accruals

  • made to record:

        -Revenues for services performed but not yet recorded at the statement Don't forget about the age old question of What is an array bag in Computer Science?

date

                -expenses incurred but not yet paid in cash / recorded at statement date

  • Accrued Revenues in regard to: rent, interest, services

-adjusting entry shows the receivable that exists & records revenues for Don't forget about the age old question of Who assisted Sir Thomas Stamford Raffles in landing to Singapore?

services performed        We also discuss several other topics like What do you mean by a tambar?

         -increase asset account (debt)

        -increase revenue account (credit)Don't forget about the age old question of ms4630

accounts receivable                        xx

                service revenue                        xx

cash                                        xx

                accounts receivable                        xx

  • Accrued expenses - interest, taxes, salaries
  • debit expense account
  • credit         liabilities account
  • Adjusted Trial Balance

             - used to make financial statements

             use to make income statement first

                                -make owner’s equity statement second

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